January 15,2007
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The Divorce Dilemma
What happens when two people with a joint credit card get divorced? The answer to that is a plaguing headache that can sabotage even the most amicable separations and wreck havoc on the sturdiest credit scores.
Basically, if your name is on the bill, the debt belongs to you. So maybe the divorce decree states that your ex is taking over the car payment / mortgage / credit cards, but, if they decide to default, be prepared for the headhunters to look your way. It has certainly happened that vengeful former spouses have purposefully sabotaged their ex's credit, but more often, it is simply the case that just one person cannot support a debt that was intended to be shared by two. Either way, you could find yourself haunted by a debt that you'd considered yourself done with, and forced into closer proximity to your ex than you might be comfortable with!